Nigerians in Canada and other Canadians looking to invest in the Dangote Petroleum Refinery will be able to subscribe to the company’s initial public offering from September 14, when the four-week offer officially opens.
The refinery is offering its shares at ₦525 each, with investors required to purchase a minimum of 10 shares, costing ₦5,250. The offer closes on October 13, 2026, while trading of the shares on the Nigerian Exchange is expected to begin in late November.
The IPO is one of the biggest public offerings in Nigeria’s history with the offer expected to raise about $1.63 billion, equivalent to roughly ₦2.15 trillion at the exchange rate used in the transaction.
How Nigerians in Canada Can Participate
The safest starting point is the refinery’s official IPO website, where investors can access the offer documents and the approved subscription channels.
Do you need a Nigerian CSCS Account?
A CSCS account is ultimately required for holding shares traded on the Nigerian Exchange, but investors do not necessarily have to already possess one before applying for the Dangote Refinery IPO.
Chapel Hill Denham, an adviser to the transaction, said investors can subscribe digitally and that a CSCS account and Clearing House Number can be created for investors who do not already have them.
This means a first-time Nigerian stock-market investor may be able to complete the process without first visiting a Nigerian stockbroker physically.
The more important issue for an investor resident in Canada is whether the particular approved receiving agent or electronic platform accepts applications from investors resident outside Nigeria and what payment arrangements it supports.
How Much Does it Cost?
At the fixed offer price of ₦525, the minimum subscription is:
10 shares — ₦5,250
100 shares — ₦52,500
1,000 shares — ₦525,000
5,000 shares — ₦2.625 million
10,000 shares — ₦5.25 million
The final amount paid in Canadian dollars will depend on the exchange rate and the payment channel’s conversion costs.
What Documents Might a Canadian Investor Need?
Requirements will depend on the approved subscription platform, but investors should expect identity and investor-verification requirements.
A Nigerian investor may be asked for information such as a BVN and bank details, while a non-resident investor could face additional identification, address-verification or cross-border compliance requirements.
Canadian residents should therefore check the requirements of the specific authorised receiving agent before attempting to make payment.
It is better to establish eligibility first than to send funds to an intermediary and discover later that the application cannot be processed.
What About Canadian Taxes?
This is an important consideration for anyone who is a Canadian tax resident.
Canadian residents generally have Canadian tax obligations on income and investment gains from foreign assets. Shares in a Nigerian company can also constitute specified foreign property for Canadian tax purposes.
The CRA’s Form T1135 rules require certain Canadian resident taxpayers to report specified foreign property when the total cost amount of such property exceeds C$100,000 at any time during the year.
The C$100,000 threshold applies to qualifying foreign property collectively, rather than specifically to Dangote Refinery shares.
Therefore, buying ₦5 million or ₦10 million worth of Dangote shares does not, by itself, establish whether an investor has a T1135 filing obligation. The investor would need to consider the Canadian-dollar cost of all relevant specified foreign property.
Dividends and any eventual capital gain on the Dangote shares may also have Canadian tax consequences.
A Canadian resident investing a substantial amount should therefore speak with a Canadian tax professional familiar with foreign investments, particularly if the investment is being made alongside other Nigerian or foreign assets.
